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Latest News

Foreclosures, Inventories Move Higher as Hurricane Moratorium Ends

The effects of last summer's hurricanes, while fading from their early impact on loan performance stats, are still being felt.  Black Knight reports, in its "First Look" at January data, that past due mortgages nationwide declined by 8.6 percent or 210,000 loans when compared to December but are still 1.3 percent higher than in January 2017. The U.S. delinquency rate in January was 4.41 percent including all past due loans not yet in foreclosure. Hurricanes Harvey and Irma are blamed for 146,000 loans that remain delinquent in Texas and Florida. Of those, 132,000 are now seriously delinquent, that is 90 or more days past due

 

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Refinancing: Seasonal Pattern or Last Chance Surge?

Although the company said it was regular January phenomenon, last month's surge in refinancing also feels a little like borrowers "headed for the last roundup."  Ellie Mae's Origination Insight Report noted that the share of refinancing originations shot up by 5 percentage points in January, accounting for 45 percent of all closed loans.  The surge coincided with a jump in the average interest rate of closed loans, from 4.28 percent in December to 4.33 percent, making for a 13-basis point increase since October. It was the highest share for refinancing, which dipped to less than a third of closed loans in early summer, since January.  

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Existing Home Sales Decline, Inventory Still a Big Issue

Sales of existing homes fell again in January, the second consecutive month-over-month decline.  Sales of pre-owned single-family homes, townhomes, condos, and cooperative apartments were down 3.2 percent compared to December, and the seasonally adjusted annual sales in December, already estimated at a 3.6 percent decline, were revised down even further. The National Association of Realtors® (NAR) said existing homes sold during the month at a seasonally adjusted rate of 5.38 million, representing a year-over-year decline of 4.8 percent.  It was the slowest sales pace since last September and the largest annual loss since a 5.5 percent decline in August 2014. December sales were revised down from 5.570 million to 5.56 million. The months sales results were broad-based. All four U.S. regions saw both monthly and annual declines.

 

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